The 2025 amendments position Section 233 at the core of India’s intra-group restructuring landscape. However, the unchanged 90 % threshold which is anchored in a bygone ownership model, hinders the workability of the fast-track mergers.

The airline insolvency framework in India is still in need of a solution. The evolution has been more of a trade of one problem for another.

Ultimately, India's dual standards for “control” stem from two distinct policy objectives: minority protection and market dominance.